Rubin’s departure from Citigroup would seem to imply that his continued service there, amid the newly critical commentary on his failure to rein in the bank’s pursuit of risk, was no longer a plus. But the real question is: not a plus for him, or not a plus to the bank?
Citi has also decided to sell Smith Barney. A brokerage unit, which provide solid revenues even in bad times (brokers have increasingly migrated towards asset under management pricing structures) would presumably be attractive to a large bank. But there are comparatively few well capitalized large retail banks these days.